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Patterning himself after the American gangster John Dillinger, a criminal is tracked by an inspector, a former childhood friend.。介绍花花公子书生冯相如，得娘姨牵线识得红衣女辛十四娘，两人结为夫妇。新婚初期两人甚欢愉。不久冯生故态复萌，喜狎游，滥交友，终被诬陷身系囹圄。辛十四娘设法营救，不惜混身风尘，致冤狱平反。冯出狱后，不知感恩，反怪辛十四娘坠落风尘。。